With a record number of new homes approved, Melburnians might think renting is getting easier.
But here is what the city’s rental picture actually looks like: rents are at record highs and rising faster than incomes, the number of vacant properties is shrinking and properties defined as “affordable” to those on low incomes are disappearing.
Melbourne’s renters are squeezing into share houses, moving back in with parents or facing homelessness, as hope for more choice and cheaper rent fades.
And though property pundits say the full brunt of supply is still to come, and politicians grapple with what homelessness organisations have called the “physical manifestation” of the rental crisis on CBD streets, many average Melbourne renters face an uphill battle.
Read more: https://www.domain.com.au/news/melbourne-renting-rent-at-record-highs-rising-faster-than-incomes-and-vacant-20170209-gu7wpm/